Matrix-backed Ridlr raises US$ 6M Series B funding
Mumbai, July 14, 2016: India’s leading local transport app, Ridlr, has announced US$ 6M in series B funding by Times Internet as well as existing investors Matrix Partners India and Qualcomm Ventures. Venture debt provider Innoven Capital also participated in this round.
Ridlr provides real-time public transport and traffic information across 24 Indian cities, serving an engaged community of over 2M users. Public transport ticketing has also recently been added to the platform. The new round of funding will be used for scaling up public transport ticketing in focus cities, growing user base, as well as hiring across key roles. Current partner agencies for Ridlr include BEST, NMMT and MMRC.
Commenting on the fund raise, Brijraj Vaghani, CEO of Ridlr said, “This is a significant milestone for Ridlr in its journey to become the leading local transport information and ticketing platform in India. This round is great validation of our growth, team strength and ability to execute. It gives us the confidence to continue to disrupt the local transport space.”
“Ridlr seeks to give customers a seamless public transport commuting experience. This aligns with our investment philosophy of backing companies and products that pass the ‘toothbrush test’ i.e., products that are used by consumers on a daily basis. We are excited to partner with the Ridlr team on their journey of changing the way people commute in India”, said Miten Sampat, VP Corporate Development, Times Internet.
“Ridlr’s vision is to be the de-facto app for every urban commuter in India. Their approach of working closely with transport companies to bring real-time information and ticketing online, and their focus on their user community, makes them uniquely positioned to create impact in the lives of millions of users. We look forward to partnering with Brij and the team on this journey and welcome Times to this partnership”, said Vikram Vaidyanathan, Managing Director, Matrix India.
Ridlr is the leading public transport app in India. With a base of over 2M users consuming real-time information, and best-in-class retention, Ridlr has also recently given commuters the ability to complete public transport transactions directly on the app, in partnership with leading agencies including BEST, NMMT, and MMRC. Ridlr is currently present in 24 cities across India, with transactions offered in Mumbai as of now. It raised its Series A round from Matrix Partners and Qualcomm Ventures, and also counts Indian Angel Network and CIIE among it’s early investors.
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Ola (local transportation), Quikr (online classifieds), Practo (doctor search engine), Stayzilla (short-term accommodations marketplace), Dailyhunt (mobile local language platform), LimeRoad (mobile social commerce marketplace), Housejoy (local services marketplace) and Mswipe (mobile POS) among others. Matrix Partners has a global network of funds investing in the US, China and India with US$ 4B under management. Further information is available at www.matrixpartners.in
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